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Dollar Surges to Highest Since Mid-2020 as Treasury Yields Jump

  • U.S. currency is ‘still on fire,’ Jefferies’ Bechtel says
  • Ten and 30-year yields climb to levels not seen since 2019
Updated on

A gauge of the U.S. dollar’s strength climbed to its highest level in close to two years as Treasury yields continued to jump Friday, with traders bracing for an aggressive series of interest-rate hikes from the Federal Reserve.

The Bloomberg Dollar Spot Index rose as much as 0.4%, eclipsing the previous high for 2022 and reaching a level unseen since July 2020. The dollar advanced against most of its peers, with some of the biggest gains coming against the Australian and New Zealand currencies. At the same time, the British pound dipped below $1.30 for the first time since November 2020.